Video games sales are sliding, console sales are off, and executives are bailing

Fed up with the prospect of paying $60 for one game? Tired of being physically tied to the TV?

A lot of people feel this way. And since they’re already carrying a smartphone or tablet and Apple (AAPL) or Google (GOOG) will sell them a casual game for 99-cents — or even for free — they’re happy to sacrifice graphics and depth for mobility and money to spend on other things.

Making it worse, those devices are getting more powerful and game developers are releasing titles that look an awful lot like console games.

The 64-bit A7 processor Apple puts in the iPhone 5s and new iPads combined with Infinity Blade3 (a title currently priced at $6.99) has graphics on par with the Playstation 3 and Xbox 360 video game consoles.

The game reportedly cost the developer slightly over $2 million to make, while the Infinity Blade franchise on iOS has been that developer’s most profitable game franchise ever — and this is a company that’s released dozens of hit titles on the Xbox platform, including the popular Gears of War series.